Question

Please help with my economics!!

Answer 1

Answer:

The American healthcare system favors economic freedom and growth. The Canadian system prioritizes economic equity and economic security for all citizens.

Explanation:

The healthcare system in the United States reflects economic freedom because people are free to buy the kind of insurance and medical services that they want -- it is not a government-controlled system with universal access like the system they have in Canada.  Doctors are also free in the American system to charge more and earn better incomes and to establish profitable private practices if they so desire. There is more economic growth in the United States system so there are more incentives for pharmaceutical companies and medical device companies to invest in research and to innovate on medical treatments.

In Canada, the emphasis is on equity in treatment under the logic that everyone should have access to healthcare whether they are rich or poor.  This however creates backlogs and long waits for non-essential surgeries for example. The population however has more economic security because they know in Canada that major illnesses will be covered under the government system.  People can go bankrupt from major illnesses and the associated costs in the United States.